Accounting Cycle (1-10)

The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?

Current accounting period

None of the given options

Cash system of accounting

Accrual system of accounting

Correct! Wrong!

A manufacturer is considering the point at which a transaction can be recognized within its profit and loss account. At which of the following stages is this permitted?

Products accepted by customer

Sample products requested by customer

Order placed for the goods

Product manufactured

Correct! Wrong!

Accrual-basis of accounting?

Result in higher income than Cash-basis of accounting ?

Leads to the reporting of more complete information than does cash-basis

Non of given options

Is not acceptable under GAAP

Correct! Wrong!

Which one of the following system of recording transaction has a dual aspect concept of accounting?

Single entry system

Double entry system

Cash system of accounting

Accrual system of accounting

Correct! Wrong!

The documents relating to purchase of asset must be authorized by?

Senior management

Lower level management

Middle management

None of given options

Correct! Wrong!

Double entry bookkeeping means that?

All of given options

Entry in two sets of accounting books

Entry for two aspects of transaction

Entry at two dates

Correct! Wrong!

Which one the following document is prepared for documentary evidence by business?

Voucher

Invoice

Receipt

All of given options

Correct! Wrong!

Revenue is generally recognized being earned at the point of time when?

Goods are delivered

Production is completed

Billed to customers

Cash is received

Correct! Wrong!

Bookkeeping is mainly concerned with?

Interpreting the data

All of Above

Recording the Economic Activities

Designing the systems for recording, classifying and summarizing

Correct! Wrong!

The basic sequence in the accounting process can best be described as?

Transaction, source document, journal entry, ledger account, trial balance

Transaction, journal entry, source document, ledger account, trial balance

Transaction, source document, journal entry, trial balance, ledger account

Source document, transaction, ledger account, journal entry, trial balance

Correct! Wrong!

The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?

A manufacturer is considering the point at which a transaction can be recognized within its profit and loss account. At which of the following stages is this permitted?

Accrual-basis of accounting?

Which one of the following system of recording transaction has a dual aspect concept of accounting?

The documents relating to purchase of asset must be authorized by?

Double entry bookkeeping means that?

Which one the following document is prepared for documentary evidence by business?

Revenue is generally recognized being earned at the point of time when?

Bookkeeping is mainly concerned with?

The basic sequence in the accounting process can best be described as?

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